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Rate and Term Refinance

FHA Loans – FHA Fixed Rate Mortgage Programs

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Fixed rate loans are FHA’s most popular type of loan. These loans are fully amortized and have no pre-payment penalty.

FHA offers the following terms for the fixed rate real estate mortgage program.

  • 30 year
  • 15 year 

All FHA loans can be paid off or refinanced at any time.  They are assumable but subject to loan qualifying.

This type of loan can be used for any of the following types of properties.

  • single family home
  • 2 units – duplex
  • 3 units – triplex
  • 4 units – fourplex

The maximum FHA loan is subject to where the property is located and they type of property.

Learn about what a FHA loan will require of you when fha home loansLoan Qualifying

 

FHA Loans – FHA Adjustable Rate Mortgage Loan
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The FHA adjustable rate mortgage loan (a.k.a. Variable, ARM) is one of the best adjustable rate mortgages available.You may use this FHA loan program for 1-4 unit homes, as well as condominiums, townhomes, and PUDs.FHA does not offer an initial low “teaser” rate like most other adjustable rate mortgages, therefore it will normally start at a slightly higher rate than most other adjustable loans.

FHA adjustable mortgages are designed to protect the home owner from larger payment and interest rates adjustments common with other loans.

The yearly interest can rise or decrease no more than 1% per year vs. 2% for a conventional loan.

The lifetime cap of the FHA adjustable mortgage is no more than 5% over the initial start rate vs. 6% for a conventional loan.

Therefore, a FHA can take 5 years before reaching its maximum rate vs. a conventional loan can cap in only 3 years.

FHA’s adjustable rate mortgage is based on the economic indicator index called the 1-Yr. T-Bill. You can predict what the interest rate will adjust to by working through the ARM interest rate formula which is as follows:

  • Index  + Margin  = Fully Indexed Rate

(current 1 Yr. T-Bill Rate) + (percentage, usually 2.75%) = Interest Rate

Example:

  • Index = 5.25%  + Margin of 2.75% = Fully Indexed Rate =   8.00%

Other benefits of the FHA adjustable rate mortgage is that you can “streamline refinance” to a FHA fixed rate mortgage at anytime. Also, since you qualify at the lower start rate, you can qualify for a larger loan amount and a higher sales price home.

Learn how a FHA adjustable rate mortgage will affect you for loan qualification by clicking ra.gif (855 bytes) Here.

FHA Mortgage Lenders By State: 
Florida   Texas  Georgia  Alabama  

FHA-MORTGAGE-LENDERS.COM – Specializing in FHA government mortgage solutions and delivering the most updated FHA information to the consumer. FHA-Mortgage-Lenders.com has an extensive lender network that allows us to provide flexible update FHA mortgage lenders information from portfolio FHA mortgage lenders providing a comprehensive selection of non-traditional FHA, VA, USDA, Conventional, for all including bad credit mortgage applicants.

FHA-Mortgage-Lenders.com is not a direct FHA Mortgage Lender. Information on this site Is for example purposes and should not be relied on for decision making.

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